Preliminary ratings unchanged for MultiCat Mexico 2009 cat bond

by Artemis on October 6, 2009

Standard & Poor’s reports that the preliminary ratings it assigned to the MultiCat Mexico 2009 catastrophe bond are to remain the same despite a change to the way AIR Worldwide is modelling the hurricane risk associated with it.

Since the preliminary ratings were first assigned AIR Worldwide has corrected its modelling by adding a second step which identifies two further historical hurricane events (Madeline in 1976 and Ivan in 2004). Both these newly added storms would have caused the class C and D notes to attach under this transaction, thus the modelled probability of attachment has increased slightly. S&P haven’t found this change enough to warrant changing the ratings on the transaction.

You can read more about MultiCat Mexico 2009 in the Artemis Deal Directory.

Subscribe for free and receive weekly Artemis email updates

Sign up for our regular free email newsletter and ensure you never miss any of the news from Artemis.

← Older Article

Newer Article →